Chubb Limited

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Chubb Limited is the world’s largest publicly traded property and casualty insurer. The company has offices in 54 countries. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.

In 1882 Thomas Caldecot Chubb and his son Percy started a marine underwriting business in New York City. They collected $1,000 from 100 prominent merchants and focused on insuring ships and cargoes.

The Chubb Corporation was incorporated in 1967 and was listed on the New York Stock Exchange in 1984.

Beginning in 1970, the corporation owned The Chubb Institute, a chain of commercial technical schools which grew out of the company’s employee training program, but the schools were sold for $1 to a partnership of private equity firms Great Hill Partners and the High-Tech Institute in 2004.

In 2007, Chubb was named the Readers’ Choice winner as “Best Admitted Property/Casualty Insurance Company” by Business Insurance. In 2010 Chubb was number five on Chicago Business “Best Places to Work” list.

On July 1, 2015, ACE Limited announced that it would acquire Chubb Corporation for $28.3 billion in cash and stock. Upon completion, ACE shareholders will hold 70% while Chubb shareholders will get 30% of the new combined company. The new company will be based in Zurich where ACE Limited’s headquarters is located. Evan Greenberg of ACE is the new Chairman and CEO of the new company, while Chubb Chairman and CEO John Finnegan is Executive Vice Chairman for North America External Affairs. The company’s board expanded to 18 with 4 of them coming from Chubb. The new combined company adopted the Chubb name. The deal received ACE and Chubb shareholder approval and all required regulatory approval, and closed at 5:30 PM EST January 14, 2016. Until then, Chubb and ACE continued to operate as separate and competing companies.

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